Most of the Indians dream to have their own home. But day-by-day, the real estate rates are becoming skyrocketing which makes it impossible for the average middle-class Indian to go for home loans. These days many NBFCs are offering lower current home loan interest rates which make it easier to acquire home loans for them. But you need to have proper financial knowledge as well as a bit of guidance which will help them in availing these loans. In order to avail home loans with lower interest rates, you have to solidify on the following five factors:
- Improving Credit Score:
When you go for home loans, the first thing that will be checked is your credit score. All your previous credit card bills, loans, etc. will be accounted for by the lender through the CIBIL score and report. An ideal credit score should be 750 or above. When you have a healthy credit score it will get you lowest home loan EMIs.
- Deciding between the fixed and floating rate of interest:
It is very difficult to decide as to fixed or floating current home loan interest rates that are ideal. In some cases, the lender might clause changes to your home loan interest rates after a while. Some other times, the floating loan that starts off lower might gradually topple the fixed rate.
- Weigh Your Options:
Most of the borrowers will opt for longer tenors so that they can maximize the loan eligibility and can get the EMI reduced. But this is not the best option. Only NBFCs offer best home loan interest rates which are attractive than the other multiple repayment options and 24 hours of disbursal on approval.
- Keep Additional Charges in Mind:
You will get only 70-80% of the property value as home loans. Hence, you should make arrangements for covering charges such as processing charges, duplicate statement issue charges, prepayment charges for fixed and floating rate loans and late payment penalty. Apart from these also, there might be other charges and you should be prepared for the same.
- Prepayment and foreclosure charges:
Home loans normally come for 20 years or more and people normally don’t want to go on for such a long term and might want to pay it off as early as possible. So you should select the lenders such as NBFCs who offer part-prepayment and foreclosure.
Thus, by following the above you can get the lowest home loan interest rates.
